With the recent news of Bored Ape Yacht Club’s creator, Yuga Labs, acquiring CryptoPunks and Meebits, the excitement continues with the announcement of BAYC’s official token called ApeCoin.
ApeCoin Launches as Bored Ape Yacht Club’s Official Token
What is Bored Ape Yacht Club’s ApeCoin?
ApeCoin (APE) is a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where APE token holders get to vote on governance and use of the Ecosystem Fund.
APE is a token created by BAYC to support whatever this popular NFT brand is planning next. APE is controlled and built-on by the community and will serve as a decentralized protocol layer for community-led initiatives and aims to drive culture forward into the metaverse.
What is the Ape Foundation?
The Ape Foundation facilitates community-led governance and is designed to become even more decentralized over time. The foundation is tasked with carrying out decisions of the ApeCoin DAO, and is responsible for day-to-day administration, bookkeeping, project management, and other tasks.
Essentially, the Ape Foundation is the base layer on which ApeCoin holders and members of the ApeCoin DAO can continue to build. The main goal of the Ape Foundation is to further develop the APE ecosystem in a fair way.
Furthermore, a multsig wallet controls the Ecosystem Fund, which is used to pay its expenses as directed by the ApeCoin DAO and provides a foundation for ApeCoin holders to collaborate via an open and permissionless governance process.
What is the ApeCoin DAO?
The ApeCoin DAO is crucial to building and maintaining a globally distributed ecosystem and is ultimately responsible for the success of the Ape ecosystem. Members of the ApeCoin DAO will make decisions using Fund allocations including governance rules, projects, partnerships, and a whole lot more.
It’s important to note that all you need to be a member of the ApeCoin DAO is to hold your own ApeCoin tokens.
What is the ApeCoin Protocol?
Considering ApeCoin is the open-source protocol layer of the APE ecosystem, ApeCoin provides numerous purposes, including:
Governance: ApeCoin allows ApeCoin holders to participate in the ApeCoin DAO.
Unification of Spend: ApeCoin acts as the APE’s ecosystem’s utility and governance token. This means that all participants have a shared and open currency that can be used without centralized intermediaries.
Access: ApeCoin provides unique access to specific parts of the APE ecosystem that are otherwise not available, including exclusive games, merch, events, and services.
Incentivization: ApeCoin also acts as a tool for third-party developers to participate in the ecosystem by incorporating ApeCoin into their services, games, and other platforms.
One immediate example of third-party participation comes from Animoca Brand's game called Benji Bananas, which is a free-to-play adventure mobile game where players can earn tokens that can be swapped for ApeCoin!
How will ApeCoin allocation work?
The total supply of ApeCoin is fixed at 1 billion tokens. The total supply can never be changed considering there is no minting capability through the contract interface. Also, the contract does not allow for the burning of ApeCoin, meaning the supply can never decrease.
Below is how the ApeCoin allocation will work:
- 8% to the founders of Bored Ape Yacht Club
- 16% to the Yuga Labs team (a portion of this will be donated to @janegoodallinst)
- 14% to “launch contributors” made up of Yuga partners and investors
- 15% to owners of Bored Apes and Mutant Apes collections
- 47% will be released over time as part of the DAO’s “ecosystem fund”
Locked tokens will be unlocked over the next 48 months in accordance with the predetermined unlock schedule in the chart found on Apecoin.com, starting on March 17, 2022.
From the purchase of two other significant IPs in the Web3 space to the launch of ApeCoin, Bored Ape Yacht Club stands as one of the most innovative and significant NFT brands in the Web3 space to date, and even greater things are sure to come. To learn more about ApeCoin, check out their official website at ApeCoin.com.